2023-9-28 17:48 |
Shiba Inu has continued to struggle in recent times and has already been outperformed by many altcoins. For example, Bitcoin Cash (BCH) has seen a 14.35% increase, soaring from $209 to $239 over the last four days. Similarly, Chainlink (LINK) has shown steady gains since September 12, surging 34.48% from $5.8 to $7.8. Maker (MKR) also exhibited bullish momentum, climbing 22.02% from $1262 to $1540.
This outperformance could indicate investors shifting preferences toward cryptocurrencies with more utility and fundamental strength. It may also signal a maturing market growing more discerning, focused on projects with substantial use cases and long-term viability.
Based on Shiba’s recent outlook, a recent bullish breakout has reversed course, opening up downside risks. After breaking out from an Ascending Triangle pattern, SHIB price reached a target of $0.0000115. However, SHIB has since fallen back below support at $0.000008, which aligned with the prior breakout point.
Break Below Support Signals DowntrendThis breakdown below the $0.000008 support indicates a resumption of the prevailing downtrend across short, medium, and long timeframes. SHIB remains in a clear downtrend across daily, weekly, and monthly charts.
Momentum indicators present a mixed picture. The MACD line stands above the signal line, which is bullish. However, the 14-day RSI reads below 45, indicating bearish momentum. Declining MACD histogram bars point to weakening upside momentum as well.
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Next Support Around $0.0000055With SHIB trading below the $0.000008 support, downside risk now points toward the next support zone around $0.0000055. This lines up with swing lows in May and September 2022.
On further strength, initial resistance is expected around $0.0000080, which aligns with the breakdown point and prior support level. Above that, additional resistance is located at $0.0000100 and $0.00001200.
Traders may consider setting price alerts around key support and resistance levels. But the overall technical posture favors a bearish bias given the breakdown and prevailing downtrend across timeframes. Continued volatility is likely as the crypto market struggles for direction.
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The post The Downtrend Continues: Shiba Inu (SHIB) Falls Below Crucial Support as Bears Eye This Next Key Level appeared first on CaptainAltcoin.
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